Eurogas, ACS Groups on UGS Project in Spain

Eurogas Corporation has entered into an agreement with ACS Group and Enagas that will significantly advance the Castor underground gas storage (UGS) project in Spain.

At the commencement of the agreement, ACS will increase its ownership in Escal UGS S.L. (the Spanish operating company) from 5% to 66.67%. Castor Limited Partnership (CLP), of which Eurogas is a 73.7% owner, will own 33.33%. At the latest of the start-up of the UGS facility, ACS will sell and Enagas will buy 50% of ACS 66.67% equity on a pre-established pricing formula at which point CLP, ACS and Enagas will each own 33.33%. (more details)

ACS Group is the largest construction group in Spain and third largest in the world, with revenues in excess of €20 billion. ACS Group is a global leader in the creation, construction and operation of infrastructure in a variety of industrial sectors such as: oil & gas, LNG and regasification, power generation, grids and railways. Through its subsidiaries, such as Dragados Off-Shore, it is one of the world leaders in the construction and installation of off-shore platforms and infrastructure topsides.

Enagas is Spain’s top natural gas transportation, regasification and storage company, and also is the Technical Manager of the Gas System. Its facilities include over 7,600 km. of high-pressure gas pipeline and three regasification plants, which have a total storage capacity of 1.3 million cubic meters of GNL. It also manages two underground gas storage facilities, Gaviota and Serrablo, and has recently been awarded an concession for the exploitation of the Yela onshore gas storage. (OilVoice)

Related articles

Agricultural producer prices overall remained unchanged in June 2018 compared to June 2017, resulting from an increase of 3.5% in the average price of crop products and a decline of 5.6% in prices of livestock and animal products, the Central Statistical Office (KSH) reported on Tuesday.

Hungaryʼs government has discussed a ban on skyscrapers in Budapest to preserve the traditional profile of the capital. However, the ban would not apply to the planned office building of national oil and gas company MOL.

Low water levels on the Danube have reduced freight capacity on the stretch of the river that runs through Hungary by two-thirds. High temperatures in August and drought have severely lowered the Danube water level, now at 93 centimeters in Budapest.

In the second quarter of 2018, gross domestic product (GDP) in Hungary rose by 4.4% according to seasonally and calendar-adjusted and reconciled data, the Central Statistical Office (KSH) said in a flash report released on Tuesday.

The main reason for real estate acquisition in Hungary is investment, according to a recent study by real estate broker Duna House. Interestingly, entrepreneurs ranked only second as the most active buyers of property.

Forint liquidity of Hungaryʼs banking sector narrowed in July from a month earlier, which was mainly reflected in a decrease in the average stock of one-day deposits, the National Bank of Hungary (MNB) said in a report based on preliminary data on Monday.

One-fifth of Hungarian pensioners, or about half a million people, would be willing to take a job, shows a survey carried out by the GKI economic research institute in June 2018, cited by state news agency MTI on Monday.

In June 2018, the volume of industrial output in Hungary grew by 4.2% year-on-year, according to a second estimate of data by the Central Statistical Office (KSH), confirming the headline figure released on August 8. Based on working day-adjusted data, production rose by 3.1%.

Real estate developer and investment company Wing Zrt. announced on Friday the sale of the MOM Park shopping mall and office property building complex in Buda. The value of the transaction has not been disclosed.